CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net (loss) income		$ 188,963	$ 17,378
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		121,234	119,479
Non-cash cost of land and improved development		22,818	20,701
Stock-based incentive compensation expense		7,094	6,143
Deferred income taxes		7,618	10,267
Amortization of losses from pension and postretirement plans		881	652
Timber write-offs due to casualty events		0	15,203
Other		12,161	(6,986)
Changes in operating assets and liabilities:
Receivables		3,192	(14,089)
Inventories		(1,081)	(2,310)
Accounts payable		3,350	6,553
All other operating activities		(4,306)	(6,352)
CASH PROVIDED BY OPERATING ACTIVITIES		277,444	137,984
INVESTING ACTIVITIES
Capital expenditures		(47,497)	(44,679)
Real estate development investments		(9,165)	(5,448)
Purchase of timberlands		(51,921)	(24,379)
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		6,952	5,127
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		69,334	(184,781)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(420,000)	(132,000)
Dividends paid on common stock		(114,261)	(109,136)
Distributions to noncontrolling interests in the Operating Partnership		(3,373)	(2,401)
Proceeds from the issuance of common shares under incentive stock plan		4,674	233
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		166,549	(456)
Repurchase of common shares		(1,614)	(1,577)
Debt issuance costs		(4,829)	(2,483)
Repurchase of common shares made under repurchase program		0	(3,152)
Noncontrolling interests in consolidated affiliates redemption of shares		0	(5,113)
Distributions to noncontrolling interests in consolidated affiliates		(19,564)	(8,247)
Make-whole fee on NWFCS debt prepayment		(6,234)	0
CASH PROVIDED BY FINANCING ACTIVITIES		47,726	55,668
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(346)	(213)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		394,158	8,658
Balance, beginning of year		87,482	69,968
Balance, end of period		481,640	78,626
Cash paid during the period:
Interest	[1]	24,680	25,546
Income taxes		7,306	621
Non-cash investing activity:
Capital assets purchased on account		4,726	3,250
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	106,752
Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(44,800)	(28,655)
INVESTING ACTIVITIES
Net proceeds from disposition		54,698	115,666
Timber Funds III & IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(3,729)	0
INVESTING ACTIVITIES
Net proceeds from disposition		31,068	0
Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(35,951)	0
INVESTING ACTIVITIES
Net proceeds from disposition		85,199	0
Rayonier Limited Partnership
OPERATING ACTIVITIES
Net (loss) income		188,963	17,378
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization		121,234	119,479
Non-cash cost of land and improved development		22,818	20,701
Stock-based incentive compensation expense		7,094	6,143
Deferred income taxes		7,618	10,267
Amortization of losses from pension and postretirement plans		881	652
Timber write-offs due to casualty events		0	15,203
Other		12,161	(6,986)
Changes in operating assets and liabilities:
Receivables		3,192	(14,089)
Inventories		(1,081)	(2,310)
Accounts payable		3,350	6,553
All other operating activities		(4,306)	(6,352)
CASH PROVIDED BY OPERATING ACTIVITIES		277,444	137,984
INVESTING ACTIVITIES
Capital expenditures		(47,497)	(44,679)
Real estate development investments		(9,165)	(5,448)
Purchase of timberlands		(51,921)	(24,379)
Net cash consideration for merger with Pope Resources		0	(231,068)
Other		6,952	5,127
CASH PROVIDED BY (USED FOR) INVESTING ACTIVITIES		69,334	(184,781)
FINANCING ACTIVITIES
Issuance of debt		446,378	320,000
Repayment of debt		(420,000)	(132,000)
Distributions on units		(117,634)	(111,537)
Proceeds from the issuance of units under incentive stock plan		4,674	233
Proceeds from the issuance of common shares under the “at-the-market” (ATM) equity offering program, net of commissions and offering costs		166,549	(456)
Repurchase of units		(1,614)	(1,577)
Debt issuance costs		(4,829)	(2,483)
Repurchase of common shares made under repurchase program		0	(3,152)
Noncontrolling interests in consolidated affiliates redemption of shares		0	(5,113)
Distributions to noncontrolling interests in consolidated affiliates		(19,564)	(8,247)
Make-whole fee on NWFCS debt prepayment		(6,234)	0
CASH PROVIDED BY FINANCING ACTIVITIES		47,726	55,668
EFFECT OF EXCHANGE RATE CHANGES ON CASH		(346)	(213)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Change in cash, cash equivalents and restricted cash		394,158	8,658
Balance, beginning of year		87,482	69,968
Balance, end of period		481,640	78,626
Cash paid during the period:
Interest	[2]	24,680	25,546
Income taxes		7,306	621
Non-cash investing activity:
Capital assets purchased on account		4,726	3,250
Non-cash financing activity:
Equity consideration for merger with Pope Resources		0	172,640
Redeemable Operating Partnership Unit consideration for merger with Pope Resources		0	106,752
Rayonier Limited Partnership | Large Disposition Of Timberlands
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(44,800)	(28,655)
INVESTING ACTIVITIES
Net proceeds from disposition		54,698	115,666
Rayonier Limited Partnership | Timber Funds III & IV
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(3,729)	0
INVESTING ACTIVITIES
Net proceeds from disposition		31,068	0
Rayonier Limited Partnership | Fund II Timberland Dispositions
Adjustments to reconcile net income to cash provided by operating activities:
Gain on sale		(35,951)	0
INVESTING ACTIVITIES
Net proceeds from disposition		$ 85,199	$ 0

[1] Interest paid is presented net of patronage payments received of $6.8 million and $4.7 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.

[2] Interest paid is presented net of patronage payments received of $6.8 million and $4.7 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. For additional information on patronage payments, see Note 8 — Debt in the 2020 Form 10-K.